Left to right: Peter Burridge, global chief operating officer of Hyperwallet, Juan Benitez, general manager of Braintree, and Brent Warrington, CEO of Hyperwallet. (Photo: Business Wire)

PayPal announced the successful completion of its acquisition of Hyperwallet, a leading global payout platform, for approximately $400 million. This acquisition will help PayPal provide an integrated suite of payment solutions to e-commerce platforms and marketplaces around the world, helping it attract more sellers to its platform.

The CEO of Hyperwallet, Brent Warrington, will continue to lead Hyperwallet, and report to Juan Benitez, VP and general manager of Braintree, a payment processor PayPal had acquired in 2013. The acquisition will give PayPal and Braintree merchants access to localized, multi-currency payment distribution capabilities in more than 200 markets with numerous disbursement options.

“Ecommerce platforms and marketplaces have been focused on creating frictionless experiences for sellers to accept payments from buyers – an area where PayPal and Braintree have really innovated, powering many of the world’s largest and most noteworthy marketplaces,” said Bill Ready, chief operating officer, PayPal. “We look forward to working with Brent and the Hyperwallet team to strengthen our platform with advanced payout capabilities as we build on our aspiration to serve the digital economy with a full operating system for commerce.”

“I am proud of everything we’ve built at Hyperwallet – from humble beginnings as a Vancouver-based startup to a global, world-class payouts company with an unwavering dedication to our customers,” said Warrington. “The combination of PayPal and Hyperwallet creates a powerful set of tools and services to help our customers pay the planet.”

The sale of its consumer-loan portfolio to Synchrony Financial for $7 billion in late 2017 added to its already strong cash balance. PayPal has been actively monitoring the markets for good acquisition targets since a year, and has been on an acquisition spree, with 4 acquisitions announced since May 2018. These include acquisition of iZettle (PayPal’s largest acquisition, valued at $2.2 billion), Jetlore (undisclosed), Hyperwallet ($400 million), and Simility ($120 million).